Simon Miller, co-founder and UK chief executive of Scalable Capital, said: "This is a significant milestone for our company and we are all the more delighted that we managed to reach it so quickly.

"We’ve grown our assets under management faster than the robo-advice pioneers from the US who started a few years before us and which now manage more than ten billion US dollars.

"Our rapid growth shows, above all, that there is a real demand for digital wealth management. But we are still at the very beginning: millions of savers all over Europe are looking for a technology-based and cost-effective form of having their investments managed for them."

The age of clients has increased since the firm’s launch, with the average age of a Scalable Capital client currently 50, eight years older than it was a year ago and more than a third of investors are over 55 years old.

The proportion of female clients who have funds managed by Scalable Capital through joint or individual accounts is 37 per cent.

One of Scalable Capital's distinguishing features is the high level of initial investment compared to other robo-advisers. Its minimum investment amount is £10,000 compared to £500 for Nutmeg, £1 for Wealthify or zero for Moneyfarm.

Scalable Capital said the proportion of portfolios on its platform with a volume of more than £100,000 was close to 40 per cent of the total assets under management.